Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Cloud AI Market size is expected to reach $395.8 billion by 2029, rising at a market growth of 38.4% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 40% during (2023 - 2029). Al services will likely become more necessary as smart device penetration rises considerably. These services utilize solution capabilities to speed up corporate activities, and companies use AI services to reduce overall operating costs, increasing revenues. In addition, businesses employ AIAAS, or artificial intelligence as a service, to surpass cloud AI services in terms of integration, upkeep, and support.
The IT & Telecom segment is leading the Global Cloud AI Market by Industry in 2022 thereby, achieving a market value of $83.6 billion by 2029. The usage of cloud AI in government organizations is driven by the platform's enormous capabilities, which enable them to scale up big tasks, such as data mining, and directly impact societal issues. In addition, the initial barriers to cloud computing use brought on by concerns about data privacy are being recovered. The use of cloud AI has improved in recent years due to the growth and acceptance of many other technologies, including cloud and AI.
The Natural Language Processing segment has shown the growth rate of 39.2% during (2023 - 2029). Businesses are increasingly embracing voice assistants, chatbots, and other conversational interfaces. These interfaces are more user-friendly and productive because of Natural Language Processing (NLP) technology, which allows them to comprehend and react to input in natural language. NLP models can now perform highly in tasks like sentiment analysis and language translation because of recent developments in deep learning.
The North America market dominated the Global Cloud AI Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $129.8 billion by 2029. The Europe market is exhibiting a CAGR of 37.8% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 39.6% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/cloud-ai-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Apple, Inc., Google LLC (Alphabet, Inc.), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, MicroStrategy, Inc., NVIDIA Corporation, Salesforce, Inc. and QlikTech International AB.
Unique Offerings from KBV Research
North America Cloud AI Market size & Opportunities 2023-2029
Europe Cloud AI Market & Growth Forecast 2023-2029
Asia Pacific Cloud AI Market Share & Industry Outlook to 2029